FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
In 20X1, FYY Ltd. purchased 2,400 shares of Humor Inc. for $74,400 plus $2,400 in commission. The shares had a fair value of $88,000 at the end of 20X1, $95,900 at the end of 20X2, and $11,850 at the end of 20X3. In 20x4, the shares were sold for $102,700 less $2,400 in commission. In each of 20X1, 20X2, and 20X3, dividends of $5,760 were received. Required: 1. Prepare journal entries for 20X1 to 20X4, (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. Assuming FYY reports using ASPE and the cost method. View transaction list Journal entry worksheet 2 3 4 5 Record the investment made in Humor Inc. Note: Enter debits before credits. Transaction General Journal Debit Credit 20X1 Record entry Clear entry View general journal
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Transcribed Image Text:In 20X1, FYY Ltd. purchased 2,400 shares of Humor Inc. for $74,400 plus $2,400 in commission. The shares had a fair value of $88,000 at the end of 20X1, $95,900 at the end of 20X2, and $11,850 at the end of 20X3. In 20x4, the shares were sold for $102,700 less $2,400 in commission. In each of 20X1, 20X2, and 20X3, dividends of $5,760 were received. Required: 1. Prepare journal entries for 20X1 to 20X4, (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. Assuming FYY reports using ASPE and the cost method. View transaction list Journal entry worksheet 2 3 4 5 Record the investment made in Humor Inc. Note: Enter debits before credits. Transaction General Journal Debit Credit 20X1 Record entry Clear entry View general journal
b. Assuming FYY reports using IFRS and the fair value through other comprehensive income method; realized amounts are transferred to retained earnings. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2. 7 8 1 4 5 6 9. > Record the investment made in Humor Inc. Note: Enter debits before credits. Transaction General Journal Debit Credit 20X1 Record entry Clear entry View general journal
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Transcribed Image Text:b. Assuming FYY reports using IFRS and the fair value through other comprehensive income method; realized amounts are transferred to retained earnings. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2. 7 8 1 4 5 6 9. > Record the investment made in Humor Inc. Note: Enter debits before credits. Transaction General Journal Debit Credit 20X1 Record entry Clear entry View general journal
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